The Group reflects appropriate geographical and gender balance and representation of stakeholders across the Union to the extent possible, taking account of the need also to appoint candidates with appropriate expertise and to achieve a balance as between financial market participants, employees’ representatives and consumers, users of financial services and representatives of small and medium enterprises.

In view of the important contribution the Group is expected to make to ESMA’s work, it is desirable to establish a reserve list in order to quickly and efficiently fill any vacancies that should arise, taking account of the balance of the Group required by the Regulation. A mechanism should also be established to ensure that all members make a full contribution to the Group’s work.